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Chinese shares rose 0.81 percent on Friday as a strong yuan helped financial and property stocks, heavily weighted in the index, rebound from losses on Thursday. A surge in ICBC's H-shares pulled up its A-shares.
Trading volume remained active, suggesting investors expect a strong market in coming weeks, analysts said. The benchmark Shanghai composite index closed at 1,866.362 points, after hitting an intra-day high of 1,873.664, the highest level since September 2001.
Turnover in Shanghai A-shares was 26.5 billion yuan ($3.4 billion), still active though down from Thursday's 28.0 billion. Analysts had expected a rise in the mainland stock market on Friday after Hong Kong's Hang Seng Index rose 1.42 percent on Thursday, gaining steam in late trade. Hong Kong stocks retreated 0.1 percent by late Friday afternoon.
Aiding sentiment, another stock investment fund was launched by SWYG BNP Paribas Asset Management Co on Friday. This year, a record total of 13 stock funds have been launched so far, the official Shanghai Securities said. Gui Haoming at Shenyin&Wanguo Securities expects the index to breach 1,900 points in the coming weeks. "The heavyweight stocks' strong performances and the yuan, which is rising faster, will push the index higher," said Gui.
The yuan hit a post-revaluation high of 7.8708 against the dollar on Friday. China Merchants Bank rallied 3.29 percent to 10.69 yuan after falling 2.63 percent the previous day. Industrial and Commercial Bank of China ended up 2.44 percent at 3.36 yuan, the highest close since its listing last Friday. The gain was encouraged by a 3.14 percent rise in the bank's H-shares in Hong Kong.
China Vanke, the country's biggest property developer, climbed 1.98 percent to 8.24 yuan. Poly Real Estate surged 2.56 percent to 27.65 yuan. Several analysts said stocks in the two sectors, despite some temporary retreat for profit-taking, still had good medium-term outlooks, partly because of yuan appreciation.
Baotou Steel Union, which surged its daily 10 percent limit on Thursday following a suspension, gained a further 1.97 percent to 2.59 yuan and ranked second by trading volume after ICBC.
On Thursday, it announced an $897 million deal to buy assets from its parent, paying with new shares. However, the stock came well off its opening intra-day high of 2.79 yuan, suggesting the rally based on the deal was ending.
Major Chinese TV maker Changhong Electric Appliance Co Ltd soared its daily 10 percent limit to 3.50 yuan, the highest level since mid-July this year, as volume ballooned to its biggest since May.
Analysts couldn't identify major fresh news about the company, but said some domestic funds appeared to have rerated the stock. The company reported strong third-quarter earnings on Tuesday - net profit nearly doubled - and iSuppli Corp said on Thursday that China's liquid crystal display (LCD) TV market was expected to grow 49 percent a year up to 2010.

Copyright Reuters, 2006

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